LONDON (Alliance News) - One Media IP Group PLC said Thursday it has acquired Telos Holdings Inc's music catalogue 'Point Classics' for USD1.6 million, paid from existing cash resources.
The music catalogue contains over 4,000 recordings of classical music. Under the deal, One Media also bought all corporate logos, registrations and distribution rights.
The catalogue has been the subject of synchronisation deals with film and televisions companies, One Media said, where the music provides a backing track.
The company said that the acquisition would further boost its presence in the sector following its acquisition of the Red Note Classics collection in 2011.
"Our library of classical music will now be one of the leading digital libraries worldwide," said Chief Executive Michael Infante in a statement.
Shares in One Media were trading up 5.00% at 16.80 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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One Media (OMIP)